In today’s global marketplace, internal audit groups find themselves at a strategic crossroads with two primary options: They can pursue the status quo, a path that could lead to functional obsolescence. Or they can take a risk-centric, strategic approach to their work, moving beyond the fundamentals of risk and controls to create a new value proposition wherein internal audit provides risk management assurance as well as assurance over controls (see Figure 1). Without question, the latter, strategic path is more likely to address the changing needs of Asia Pacific organisations and meet the rising expectations of senior management and audit committees.